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Bitcoin, Ethereum Technical Analysis: BTC Falls to 2-Month Low Following the Latest NFP Report  2 min read

May 6, 2022 2 min

Bitcoin, Ethereum Technical Analysis: BTC Falls to 2-Month Low Following the Latest NFP Report  2 min read

Reading Time: 2 minutes

Bitcoin fell to its lowest level in over two months, as Friday’s non-farm payrolls report showed an addition of 428,000. It was expected that last month’s payrolls would show an increase of 391,000 jobs — lower than March’s figure of 431,000. ETH also fell on the news, hitting a six-week low.

Bitcoin

Bitcoin fell by nearly 10% in today’s session, as traders continue to react to recent action by the Federal Reserve to hike interest rates.

Today’s drop, which sees prices of BTC/USD hit an intraday low of $35,714.30, also comes as markets were preparing for the latest non-farm payrolls report.

Friday’s drop sees bitcoin slip for a second consecutive session, with prices now trading at their lowest level since February 24.

Despite slipping to a more than two-month low, there could be more declines ahead, as prices appear to be moving toward a floor of $34,050.

Looking at the chart, this latest fall in prices has pushed the RSI towards a one-month low of 35.50, which is a point that has acted as a floor in the past.

Should this support fail to hold firm, then we will likely see that floor of $34,050 hit in the next few days.

Ethereum

ETH was also submerged by the latest red wave in crypto markets, as prices moved towards a six-week low.

The world’s second-largest cryptocurrency fell to an intraday low of $2,668.60, which is its lowest level since March 16.

Today’s low took prices close to the long-term support level of $2,660, after breaking out of a higher price floor of $2,780.

As prices dropped, relative strength also gave way, with the 14-day RSI slipping below its own floor of 42.80.

Should this floor also fall apart, then we could see even more lows in ETH, with bears already targeting a $2,500 support point.

Overall, since the start of April, ETH/USD has moved from a peak of $3,560, to now trading almost $1,000 lower.

Will we see ETH continue to fall as we head into the weekend? Leave your thoughts in the comments below.

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